Overall, various macro-level factors benefit the Healthcare sector and will continue to do so in the future: There are numerous indicators that point to a healthy and vibrant industry. As of 2020, total industry revenue of $2.9 trillion and has increased at a moderate pace of 2.5% per year, profit margins within the industry have increased at a rate of 9.9% per year, various economic, technological and demographic trends benefit the industry and the industry is resistant to rent extraction. All of these factors suggest that firms operating within the healthcare industry will have favorable opportunities.
The target market for MyLegacy is individuals between the ages of 25 and 49: While demand for healthcare related services is largely dependent on individuals over the age of 65, that generational cohort has seemingly no interest in using digital services for their healthcare needs. In a recent survey conducted by Lightspeed/Mintel 66% of Baby Boomers said that they had no interest in using a general healthcare app. Millennials and Gen X, on the other hand, are far more receptive to the use of technology as it relates to their health. For more information on the attitudes towards health technology, please see the following graphs.